The uptick rule is NECESSARY to keep individual/retail investors in the market. Short sellers have too much influence to drive a stock down wiping out individual investors with a longer term market view. Enforcing "actual" borrowing for short sellers would also lessen the issue. If the short, without the uptick rule, are rapidly driving the markets down, track the largest players and make sure they are not breaking the law.

If the stock market is only designed for the large players, day traders, and short sellers, investors will look elsewhere to invest. For the long term view, California Real Estate is safer that the equities market without the uptick rule.